How Big Was Arrington's Stake In TechCrunch When He Sold It To AOL?

That's according to super angel Ron
Conway, who is tight with Mike Arrington.

He was giving advice to a bunch of entrepreneurs and developers
at small companies at the Twilio Conference in San
Francisco, and said that they should try to bootstrap for as long
as possible before taking venture or angel money:

There's nothing wrong with bootstrapping for as long as you can.
Mike Arrington bootstrapped TechCrunch,
when he sold it to AOL, he owned
like 85% of that company. That's an awesome outcome. It doesn't
happen very often.

If reports of the sale price of $30 million are correct, that
means Arrington's stake was worth more than $25 million. How much
of that stake he'll actually collect depends on the term of his
contract with AOL -- it's possible that he had to stick around
for a certain period to get that full value.